BoI-approved investments hit P800 billion

THE BOARD of Investments (BoI) has already approved P800 billion worth of investments as of early September, surpassing last year’s level, Trade Secretary Alfredo E. Pascual said.

Mr. Pascual told reporters on Monday that the BoI’s year-to-date investment approvals have already exceeded the P729 billion in investments it greenlit in 2022.

The Trade chief said the BoI appears to be on track to reach its revised P1.5-trillion full-year target.

“I am confident that this target could be achieved. There is even a possibility that it could be surpassed,” he told reporters in mixed English and Filipino.

The BoI raised its target for investment approvals this year by 50% to P1.5 trillion from the original P1 trillion.

Mr. Pascual had also said the Philippines is aiming to be a top-two destination within the Association of Southeast Asian Nations for foreign direct investments.

“But the more immediate and reliable barometer is the entry of investments in the BoI,” he said. — J.I.D. Tabile